calculator: budgeting for a baby
Now that you’ve outlined all of the costs associated with the new addition to your family and created a budget, you have an accurate idea of just how much preparing for a baby will cost. Now it’s time to start saving so you don’t wind up going into credit card debt before the baby is even born!
There are many tactics to start saving. The first is to use ACCC’s saving for a goal financial calculator to help you determine how much money you need to set aside and save on a regular basis before the baby is born to meet your goal (the amount you determined when you used the budgeting for a baby calculator).
Another method is to start saving by cutting back on your normal expenses. Use ACCC’s How to Build Savings by Cutting back guide to learn tips on how to save in all of your regular expense categories including housing and utilities, insurance and retirement, food, transportation, health care, and clothing and services.
Another method is the keep change saving strategy. You will not be able to save a lot of money quickly with this method, but you’ll be surprised how much you will be able to save over time.